The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017

Global Tax Update: November 2017 / United Kingdom

This UK newsletter explains 4 topics including " VAT: OECD: new guidance on cross-border VAT collections ". (Global Tax Update:November 2017/United Kingdom)

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1. The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017

The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 will come into force on 1 April 2019. They amend the Corporation Tax (Instalment Payments) Regulations 1998 which provide that companies that are defined as large are required to make instalment payments on account of their corporation tax liability in advance.

2. Senior Accounting Officer Update

It is clear from a recent update from HMRC’s policy team that Senior Accounting Officer (SAO) remains a core component of what HMRC’s increasingly integrated ‘co-operative compliance’ agenda. Penalties continue to be levied in respect of the late/incomplete filings but no main duty/inaccurate certificate penalties have been raised in the last year.

3. VAT: OECD: new guidance on cross-border VAT collections

The OECD has released new guidance to support the consistent implementation of internationally agreed standards for the VAT treatment of cross-border trade, in light of the rapid and ongoing digitalisation of the economy. The boom in e-commerce and its impact on the collection of VAT on business to consumer (B2C) supplies was identified as a key tax challenge in the context of the G20/OECD BEPS project.

4. VAT: Littlewoods: no compound interest on VAT claims: Supreme Court

The Supreme Court has rejected Littlewoods’ claim for compound interest (of £1.25 billion) on VAT repayments of £205m for 1973-2004. The Court held that Littlewoods’ claim for restitution was, under UK legislation, prevented by the provisions for statutory interest in section 78 VATA 1994 (which Parliament had intended to be the only route for obtaining interest). The Court further determined that there was no right in EU law to compound interest.


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